Can monetary policy turn Argentina into Japan? | Michael Pettis' CHINA FINANCIAL MARKETS<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Interesting view from Michael Pettis: Excess liquidity and risk appetite makes it easy to lock in cheap, long-term funding for investment projects. Countries that have weak infrastructure, or whose infrastructure is in serious need of improvement, have today an historical opportunity to build or replenish the value of their infrastructure with very cheap capital. This … <\/p>\n
Continue reading “Infrastructure opportunity | Michael Pettis’ CHINA FINANCIAL MARKETS”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[1840],"class_list":["post-11511","post","type-post","status-publish","format-standard","hentry","category-investment-infrastructure","tag-infrastructure-investment"],"yoast_head":"\nInfrastructure opportunity | Michael Pettis' CHINA FINANCIAL MARKETS - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infrastructure opportunity | Michael Pettis' CHINA FINANCIAL MARKETS - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Interesting view from Michael Pettis: Excess liquidity and risk appetite makes it easy to lock in cheap, long-term funding for investment projects. Countries that have weak infrastructure, or whose infrastructure is in serious need of improvement, have today an historical opportunity to build or replenish the value of their infrastructure with very cheap capital. 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How abundant capital and investment in unproductive works may lead to long-term stagnation: \u201cPanics do not destroy capital,\u201d John Mill proposed in his 1868 paper to the Manchester Statistical Society. \u201cThey merely reveal the extent to which it has been\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13554,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/","url_meta":{"origin":11511,"position":1},"title":"Michael Pettis: Brexit could speed breakup of the Euro","author":"ColinTwiggs","date":"July 9, 2016","format":false,"excerpt":"https:\/\/youtu.be\/S0v_QWqqwn0 On secular stagnation: \"I don't see growth picking up until you either redistribute income downwards -- which is politically quite difficult and slow -- or developed countries which are credible borrowers engage in massive infrastructure spending -- which would be a great idea but politically difficult -- so I'm\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/S0v_QWqqwn0\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":28304,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/10\/12\/deconstructing-evergrandes-effect-on-china\/","url_meta":{"origin":11511,"position":2},"title":"Deconstructing Evergrande’s effect on China","author":"Colin Twiggs","date":"October 12, 2021","format":false,"excerpt":"Elliot Clarke at Westpac says that China will be able to withstand the shock of Evergrande's collapse and that power outages are a bigger threat. https:\/\/youtu.be\/z3wmpdiGRNQ We still think that the property sector contagion is part of a broader issue that China will struggle to overcome, as Michael Pettis succinctly\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/z3wmpdiGRNQ\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11233,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/10\/30\/should-beijing-raise-subway-fares-michael-pettis\/","url_meta":{"origin":11511,"position":3},"title":"Should Beijing raise subway fares? | Michael Pettis","author":"ColinTwiggs","date":"October 30, 2014","format":false,"excerpt":"Michael Pettis' argues that not only are SOEs \"destroying value in the aggregate on a huge scale\" but misallocated investment is endemic in China. I have to confess that the reason I started saying in 2006-07 that China was eventually going to replace 1980s Japan as the global archetype of\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28469,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/10\/22\/base-metals-headed-for-a-meltdown\/","url_meta":{"origin":11511,"position":4},"title":"Base metals headed for a meltdown","author":"Colin Twiggs","date":"October 22, 2021","format":false,"excerpt":"Conclusion Base metals look headed for a \"meltdown\", as Chinese construction activity falls, unless Beijing steps up infrastructure spending to compensate.","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14506,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/18\/china-choosing-more-debt-more-unemployment-or-transfers-michael-pettis\/","url_meta":{"origin":11511,"position":5},"title":"China: Choosing More Debt, More Unemployment, Or Transfers | Michael Pettis","author":"ColinTwiggs","date":"November 18, 2016","format":false,"excerpt":"From Michael Pettis: I have often written in this blog and elsewhere about the three policy choices Beijing faces as it tries to manage through the adjustment process. My argument is that subject to two very plausible assumptions, every economic policy Beijing implements ultimately can be abstracted to one choice\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11511"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11511\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}